Gabelli Funds LLC Increases Stock Position in Align Technology, Inc. $ALGN

Gabelli Funds LLC raised its stake in Align Technology, Inc. (NASDAQ:ALGN) by 357.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,400 shares of the medical equipment provider’s stock after acquiring an additional 5,000 shares during the quarter. Gabelli Funds LLC’s holdings in Align Technology were worth $801,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ALGN. Atria Investments Inc boosted its stake in Align Technology by 4.9% in the 2nd quarter. Atria Investments Inc now owns 1,575 shares of the medical equipment provider’s stock worth $298,000 after buying an additional 74 shares during the last quarter. Arizona State Retirement System increased its position in Align Technology by 0.4% during the 3rd quarter. Arizona State Retirement System now owns 20,387 shares of the medical equipment provider’s stock worth $2,553,000 after purchasing an additional 79 shares in the last quarter. Sentry Investment Management LLC raised its holdings in Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 79 shares during the period. Rothschild Investment LLC raised its holdings in Align Technology by 140.3% in the second quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock valued at $28,000 after buying an additional 87 shares during the period. Finally, Royal London Asset Management Ltd. lifted its position in Align Technology by 0.3% during the second quarter. Royal London Asset Management Ltd. now owns 31,629 shares of the medical equipment provider’s stock valued at $5,988,000 after buying an additional 93 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

ALGN opened at $174.81 on Thursday. Align Technology, Inc. has a 12-month low of $122.00 and a 12-month high of $208.30. The firm’s fifty day moving average price is $175.58 and its 200 day moving average price is $152.94. The stock has a market capitalization of $12.46 billion, a PE ratio of 30.89, a P/E/G ratio of 1.85 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $2.99 by $0.30. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.Align Technology’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.44 earnings per share. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALGN has been the subject of several recent research reports. Leerink Partners increased their price objective on shares of Align Technology from $210.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Barclays lifted their target price on shares of Align Technology from $170.00 to $200.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. Morgan Stanley upped their price target on shares of Align Technology from $154.00 to $169.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 5th. Piper Sandler raised their price objective on Align Technology from $200.00 to $220.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings upgraded Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, January 16th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $198.08.

Insider Activity at Align Technology

In related news, EVP John Morici sold 7,969 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the sale, the executive vice president owned 8,237 shares of the company’s stock, valued at $1,559,346.47. This represents a 49.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.66% of the company’s stock.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.